A new Economic Impact Study released today on the Hong Kong exhibition industry reveals that exhibitions are contributing more than ever before to Hong Kong’s economy.
In 2012, the calendar year covered by the study, the exhibition industry was responsible for a substantial HK$40.8 billion of expenditure in Hong Kong, a rise of 14% from the figures for 2010 and a 6.7% compound annual growth rate (CAGR) from 2010. This amount represents 2.0% of Hong Kong’s overall GDP, an exceptionally strong contribution from an industry that often slips under the radar of the city’s major performers.
The study reveals that the exhibition industry is responsible for other significant economic benefits too. Fiscal benefits amounting to around HK$1.4 billion for 2012 were identified, representing a 13% CAGR since 2010.
Fiscal benefits are those taken by the government in the form of salary, profits and airport taxes on people and companies involved in the exhibition industry. Also assessed were the employment opportunities generated by the exhibition industry. For 2012, the industry was estimated to provide 69,600 Full Time Equivalent (FTE) employments— a CAGR from 2010 of 0.3%.